Chemours’ stock had a roller coaster ride in 2016 as the DuPont spin-off shook off bankruptcy rumors.
For Delaware, the big issue was whether the company would retain its headquarters and about 1,000 jobs in Delaware.
The General Assembly, citing the need to retain Chemours, moved quickly to modernize its corporate tax structure.
Chemours later announced it would stay in Delaware, but did not announce a site for its headquarters which is now located in the former DuPont building in downtown Wilmington.
The tax move will reduce revenue, but will Delaware in line with the policies of neighboring states.
During part of the year, Chemours was dogged by speculation that it would sink under the weight or environmental liabilities it inherited from DuPont.
The company’s stock price had slid since its July 2015 spin-off from DuPont at a price of about $20 a share. By spring, the price of Chemours shares had sunk below $4 a share.
Chemours argued thatDuPont was the named defendant when it came to lawsuits that included a flurry of litigation in Ohio and West Virginia over C8, a chemical used in the production of Teflon.
The company’s presentations – coupled with earnings reports showing progress in improving operations, cutting costs and selling assets – led to a sharp turnaround in the share price.
Among the asset sales in the pipeline is the former Edgemoor titanium products site to the State of Delaware. The site along the Delaware may be used in a future expansion of the Port of Wilmington.
Demolition is currently under way at Edgemoor site.
By the end of the year, Chemours shares had moved to $26 a share, settling in at around $23 after Christmas.
Those brave enough to buy Chemours at the bottom would have more than quintupled their investment.
